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Borders & Southern has announced the results of the Darwin fluid sample analysis. As previously reported, well 61/17-1 encountered a good quality sandstone reservoir comprising 67.8m of net pay with an average porosity of 22%. The gas condensate reservoir was sampled at four separate levels with 3 fluid samples taken at each level.

The initial condensate yield from the Darwin gas samples, as measured in a laboratory separator test, varies from 123 to 140 stb/MMscf. The API gravity of the condensate is 46 to 49 degrees. Based on the condensate yield and ongoing reservoir modelling, the Company estimates the recoverable volume of condensate to be 130 to 250 million barrels with a mid case of 190 million barrels.

Following these positive laboratory results, the Board will approve a work programme that includes appraisal drilling of the Darwin discovery. Additional wells are necessary to confirm the initial resource estimates and establish a commercial development. In the coming months, activity will focus on a comprehensive technical evaluation of all the data collected from well 61/17-1 and a review of potential development concepts along with project economics.

These results have exciting implications for the Company’s prospect and lead inventory and particularly for those prospects in the Lower Cretaceous play fairway to the south of the Falkland Islands. Borders & Southern’s prospect inventory contains further relatively low risk structural prospects of a similar size to Darwin along with stratigraphically trapped fans of slightly higher risk but larger scale. Some of these prospects will be targeted in the next drilling phase with the objective of adding to the discovered resources of Darwin and building a core development area.

“Discussions with a seismic contractor regarding the acquisition of additional 3D seismic are in progress and we plan to have a vessel in the Falklands at the start of 2013 to commence the survey,”said Borders & Southern in a statement.

This survey will focus on similar prospects to Darwin currently outside our existing 3D area. Whilst the final costs of the 2012 drilling programme will not be fully known until after the demobilisation of the rig later in the year, the Company can state that it is fully funded for the 3D seismic acquisition and processing, the reprocessing of the Company’s 2007 3D seismic data and all the technical studies that need to be undertaken on the samples collected from the two wells.

Given the encouraging results from the Darwin well, the Company will start planning the next drilling programme, which is likely to include both exploration and appraisal wells. The company has said that the the timing of drilling will be dependent on rig availability, but “realistically this will not occur before 2014“. The Company is currently exploring the best way to fund the next phase of the programme, including the possibility of now bringing in partners.

ShoreASCO Consortium, which includes Asco Holdings, Macmahon Contractors and Capella Capital has been awarded a contract to design and construct the world-class Darwin Marine Supply Base, worth approximately $110 million.

Macmahon Contractors will construct the base which will include three marine berths with water, fuel, chemical and drilling mud connections, hard stand and lay down areas, warehousing, waste management facility, storage capacity for drilling muds, chemicals, water and fuel, office space and associated facilities.

Chief Executive Officer of Macmahon, Nick Bowen, said the project was a fantastic opportunity for Macmahon and continues the Company’s delivery of major infrastructure in the Northern Territory. “The supply base will bolster Darwin and the Territory’s reputation as the port of choice for servicing the needs of the offshore industry and is opportunity for Macmahon to establish another piece of major infrastructure, critical to supporting the Territory’s growth,”

The base will be operated by ShoreASCO for up to 20 years. Construction is expected to start in April 2012 and is expected to be complete by the end of 2013.

Paul Henderson, the current Chief Minister of the Northern Territory, Australia has welcomed the signing of the contract, saying the construction would begin in the coming months on the base which would cement Darwin’s position as a major oil and gas hub.

The Minister revealed that Oil & Gas majors have already shown interest in the Marine Supply Base: “Already major players have come on board to take advantage of our world class Marine Supply Base with ConocoPhillips to use if for their existing operations, INPEX confirming they will using the base during their multi-billion gas development and Shell confirming they will use it to service their floating LNG plant in the browse basin.”

Saipem’s scope of work will include the Engineering, Procurement, Construction and Installation of 889 kilometres of a 42-inch-diameter subsea pipeline, in water depths of up to 275 metres, connecting the offshore central processing facility to the onshore processing facility in Darwin.

Offshore activities will be carried out during 2014 by the newly-built Castorone pipelay vessel. The recently upgraded Semac 1 pipelay barge will be employed for the shallow water section.

The Ichthys LNG Project is a Joint Venture between INPEX (76%, the Operator) and Total (24%). Gas from the Ichthys Field, in the Browse Basin, approximately 200 kilometres offshore of Western Australia, will undergo preliminary processing offshore to remove water and extract condensate. The gas will then be exported to onshore processing facilities in Darwin via an 889 kilometres subsea pipeline. The Ichthys Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.

Oil and gas company Perenco is buying a 70% interest in the Teak, Samaan and Poui Block (TSP), offshore Trinidad and Tobago. The interest in the fields, located offshore south east of Trinidad, has been bought from Repsol E&P T&T, a subsidiary of the Spanish oil company Repsol. Repsol has rights to eight blocks, one […]

This Friday seems to be about Floating LNG news. Following the news that Petronas has produced first LNG from its first FLNG unit in Malaysia, and that CHC will provide more helicopters for Shell’s large Prelude FLNG project in Australia, there’s more on FLNG. Namely, Japan’s JGC Corporation has received an order for the construction […]

Norwegian offshore safety body, the Petroleum Safety Authority (PSA), has turned a notification of order to Prosafe into a formal order as a result of the company not fixing irregularities found during an audit of the Safe Scandinavia tender support vessel (TSV) in September 2015. The Safe Scandinavia is an accommodation rig converted to a TSV in […]

Teekay has posted a video on Thursday showing the conversion of the Brazil-bound FPSO Pioneiro de Libra, sharing some interesting numbers. The company said that the Pioneiro de Libra FPSO conversion required a project team of 162 people, a commissioning team of more than 40 people and more than 3000 people working daily over the […]

Singapore-based provider of offshore marine services Pacific Radiance has delayed a charter for one of its offshore support vessels, that is still under construction, by a year. In November 2014, the company’s joint venture with DOT Holdings, named DOT Radiance, secured a long-term charter contract for one of its vessels ahead of its expected delivery in 20 […]

The global oil and gas exploration spending, which has been trimmed since the oil prices went down in 2014, will further fall in 2017. It might start rising in the next few years, but not to the pre-slump levels, a graph released by Wood Mackenzie shows. Also, on the oil prices, the energy intelligence group […]

Offshore service vessel provider Farstad Shipping has been awarded several new charter contracts in Australia with ConocoPhillips, Inpex, and McDermott. Farstad reported on Friday that ConocoPhillips Australia Exploration has issued a letter of intent (LOI) to the 2014-built anchor handler (AHTS) Far Sirius and the 2010-built AHTS Far Saracen to support the […]

After months of talks with creditors Norwegian offshore vessel owner Olympic Ship has received restructuring support. “The company is pleased to announce that the discussions have been successful and that the company has now obtained support for a financial restructuring of the Group from key stakeholders of the Group,” Olympic Ship said on Friday. The […] […]

The previously announced merger between offshore vessel owners REM Offshore and Solstad’s Solship Invest has been completed. The merger between the two Norwegian companies was registered in the Norwegian Register of Business Enterprises on Friday, December 9, 2016. The merged company will have a fleet of 61 offshore vessels, consisting of construction suppor […]

American oil and gas services provider Helix Energy Solutions is still waiting for its 4-year well intervention contract with Petrobras for the vessel Siem Helix 1 to start after experiencing unexpected delays. At the Capital One Securities 11th Annual Energy Conference on Wednesday, Helix said that its chartered vessel Siem Helix 1 was working through Petro […]

REM Offshore has completed its financial restructuring and merged with Solship, a wholly owned subsidiary of Solstad Offshore. The merger was completed as a statutory triangular merger, whereby... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Norwegian provider of subsea and offshore construction vessels, Olympic, said on Friday it has obtained support from its key stakeholders for the financial restructuring of the Group. Through... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Offshore services player Helix Energy Solutions has experienced ‘unexpected delays’ with its operations in Brazil as it anticipated an earlier start of its well intervention campaign for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Oslo-listed SeaBird, a seismic data provider for oil and gas companies, has signed an agreement to provide a vessel for an upcoming 2D seismic survey in South America. The project is anticipated to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

ROV service provider, ROVOP, has recorded sales of almost £10 million in the second half of its financial year and EBITDA of £3.5 million for the six months to September 2016, an increase of 14... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

4Subsea, a Norwegian technology company specialised in production riser systems and subsea well systems, has launched Portable Annulus Tester (PAT), a product that automates integrity testing of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

OceanGate said it has started the construction of the Cyclops 2, a manned submersible with a depth range of 4,000 meters (13,125 feet). The company has ordered two titanium hemispheres and two... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Kraken Sonar Inc. informed that effective January 1, 2017, its new German subsidiary, Kraken Robotik GmbH (KRG) will start operations at the Bremen Innovation and Technology Centre (BITZ). In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Toronto-based underwater mineral exploration company Nautilus informed that it has accepted the resignation of Cynthia Thomas from its board, effective Wednesday, December 7, 2016. Thomas joined the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Statoil’s active leases in the Gulf of Mexico

Sure, you could have waited for your significant other to get home from work to watch the next episode of "Jessica Jones," but you just couldn't help yourself. Here's how to clear your Netflix history and save yourself from a night alone on the couch. Follow Tech Insider: On FacebookJoin the conversation about this story » […]

Back in 2012, before Peter Thiel supported Donald Trump's quest to become president, the billionaire tech investor gave sharp advice to presidential candidate Mitt Romney — and was apparently ignored. "I think the most pessimistic candidate is going to win, because if you are too optimistic it suggests you are out of touch," Thiel told Romney, […]

Chipotle executives are warming up to the idea of drive-thru service after more than two decades of rejecting the fast-food staple. The company appears to be having a change of heart after launching its first drive-thru service at Tasty Made, Chipotle's newly opened burger restaurant in Lancaster, Ohio, according to Nomura Instinet analyst Mark Kalinowk […]

On Tuesday, Ohio's legislature passed a bill that, if signed into law by Governor John Kasich, would dramatically limit women's reproductive rights in the state. The so-called "heartbeat bill" would ban doctors from performing legal abortions on women with "a detectable fetal heartbeat", even in cases where pregnancy results fro […]

The biggest story in the NFL this season has been the strong play of the Dallas Cowboys behind the surprising emergence of Dak Prescott as a top-tier NFL quarterback. However, that newfound fame does come with some consequences, just ask Kyle Wilber and his clothes. Wilber is a linebacker in his fifth season. He is also Prescott's locker neighbor. While […]

Credit card processors are mostly responsible for data transmission and security when you use your card at a store or online to make a purchase. There are two types of processors in the payment-card system. Front-end processors route transactions from merchants to the cardholder's bank to gain authorization; that is, they make sure a customer has enough […]

A little over one month into the NBA, there have been a few surprises. Teams like the Lakers and Knicks are fun and competitive, the Bucks are back in playoff contention, and the Mavericks own the league's worst record. But, if we're being honest, this looks like a two-team race. The Warriors and Cavaliers look far superior to every team in their r […]

Submitted by Patrick Buchanan via Buchanan.org, The wailing and keening over the choice of Oklahoma Attorney General Scott Pruitt to head the EPA appears to be a lead indicator of a coming revolution far beyond Reagan’s. “Trump Taps Climate Skeptic For Top Environmental Post,” said The Wall Street Journal. “Climate Change Denial,” bawled a disbelieving New Y […]

Last week a Republican member of the Electoral College, Christopher Suprun, published an op-ed in the NYT explaining why he would not be casting his vote for Donald Trump. Suprun is the same elector who the NY Post reported one month ago that he’s on track to vote as assigned for Donald Trump next month, despite reports saying he’d consider going rogue and v […]

Joe Scarborough dropped an epic dose of truth on Hillary and her disaffected, snowflake supporters this morning after Clinton herself took to the stage yesterday to blame "fake news" for her stunning loss. Apparently not a buyer of the "fake news" excuse, Scarborough blasted Hillary, and democrats in general, saying that "Hillary Cl […]

Earlier this week we warned that as the trend to robotization accelerates, millions of (mostly) low-skilled American jobs will be lost in the next five years, replaced by robots as companies seek to maintain high profit margins in a time of rising wages and growing inflation. One company, however, can not wait that long. British outsourcing giant Capita, a c […]

Submitted by Michael Shedlock via MishTalk.com, For all the shock, horror, and aghast of global warm-ongers, comes a startling revelation: It’s Irrelevant if US Pulls Out of Paris Accord. Donald Trump has sent his clearest message yet about his plans for reshaping US policy on global warming by choosing a chief environmental regulator who has questioned the […]

According to various anecdotal reports, in addition to launching the stock markets on an unprecedented meltup, Trump's presidential victory has also boosted consumer confidence, leading to a spike in post-election spending. That, however, is not only not validated by the actual data, but according to evidence, retail spending - a key component of the Tr […]

In early 2009, roughly at the time when this blog was launched which coincided with the start of the greatest monetary experiment of all time, we warned that there are two ways it will end: either in hyperinflation, or a deflationary supernova, the failure of currency and, eventually, barter. Now, almost 8 years later, some of the world's top hedge fund […]

Submitted by Shaun Bradley via TheAntiMedia.org, As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks. The war on cash i […]

Still unable to accept the fact that running a failed candidate and/or failed democratic policies may have had anything to do with Hillary's loss last month, Obama has directed the "intelligence community" to conduct a "full review" of alleged Russian interference in the 2016 election. Per The Hill, the review is slated to begin imme […]

Hold your real assets outside of the banking system in one of many private international facilities --> https://www.sprottmoney.com/intlstorage The Fact of Bullion Bank Gold and Silver Price Manipulation Posted with permission and written by Craig Hemke (CLICK HERE FOR ORIGINAL) Back in April, the Cartel Shills and Apologists attempted to […]